Department of Economics, Finance, and Insurance and Risk Management

Chair and Professor: T. Snyder (PhD), 852-7467

Carmichael Professor: L. He (DBA)

Professor: M. Casey (DBA), J. McGarrity (PhD)

Associate Professor: Y. Deng (PhD), X. Gao (PhD), J. Horpedahl (PhD), T. Rogers (PhD), W. Yuan (PhD)

Assistant Professor: H. Duan (PhD), C. Hodges (PhD), M. Kalulu (PhD), H. Musso (ABD),  H. Yao (PhD),

Lecturer I: J. Bundrick (MS)

[1] Objectives

The department provides major programs or concentrations in the areas of economics, finance, international trade, and insurance and risk management. A degree in economics can be taken under a Bachelor of Business Administration, Bachelor of Arts, or Bachelor of Science degree plan. A concentration in international trade is required under either the Bachelor of Business Administration or the Bachelor of Arts degree plan and prepares students for positive participation in global business and society. A degree in finance can be taken under the Bachelor of Business Administration degree plan. A degree in insurance and risk management is available under the Bachelor of Business Administration degree plan. A degree in insurance and risk management with a personal financial planning track is offered under the Bachelor of Business Administration degree plan. Each program emphasizes analytical tools and applications that will be useful in a rapidly changing world.

The degree program in finance prepares students for careers in financial institutions, investments, and in finance-related occupations in business and government. The degree programs in economics prepare students to enter professional careers as economic analysts in governmental and business organizations.

If a student desires to undertake graduate study in economics, business, health care administration, public administration, or law, the economics and finance programs provide excellent backgrounds for such study.

The degree in insurance and risk management or personal financial planning will prepare students for management-level careers in insurance, personal financial planning, or as an employee benefits manager, insurance regulator, group insurance representative, agent, broker, risk manager, or safety or loss-control expert.

Economic and financial competence requires a basic knowledge of theories, principles, and techniques of analysis. Added to this basic knowledge should be the historical, institutional, and quantitative approaches within the disciplines. With these tools, supplemented by studies in related fields of mathematics, computer science, accounting, business, and social sciences, students will be able to formulate approaches to current economic and financial problems as they arise in their personal and professional lives.

[1.1] Honors in Economics, Finance, and Insurance and Risk Management

Students who major in Economics, Finance, or Insurance and Risk Management and who demonstrate exceptional ability may be invited to enter the Honors in the Major Program. For details, see Honors in the Major Program.

[2] The Carmichael Endowment

The generosity of Dr. Maude Carmichael, through the Carmichael Fund that she established to honor her parents, has made it possible to have unique experiences in economic education. The creation of the Carmichael Professorship is one example of how her endowment has been used to promote education in economics and banking.

Dr. Carmichael (Ph.D., Radcliffe) served as chair of the Economics Department at the University of Central Arkansas from 1931 until her retirement in 1952. Dr. Carmichael’s endowment is an extension of her life’s work in providing Arkansas students with an understanding of the important economic forces affecting their lives as well as the ability to formulate creative and productive approaches to the economic facets of life.

To jump directly to a particular program of study, use these links:

Degrees/Majors: BBA, Economics | BA, Economics | BS, Economics | BBA, Finance | BBA, Insurance and Risk Management

Insurance and Risk Management Concentration: Personal and Financial Planning

Economics Concentration: Pre-Law

Minor programs: Economics | Actuarial Studies | Insurance and Risk Management | Financial Services

Certificate Program: Financial Literacy

[3] Baccalaureate Degrees

[3.1] Bachelor of Business Administration

The degree of Bachelor of Business Administration requires successful completion of 120 hours including (1) the UCA Core: complete 38 hours to meet lower-division UCA Core requirements (see the UCA Core requirements) and complete upper-division UCA Core requirements using designated BBA foundation, core and major courses; (2) the BBA foundation and core requirements; (3) a major as listed below; and (4) electives to bring total credit hours to 120.

Mathematics Pathway. First-time, first-year BBA students majoring in Economics, Finance, or Insurance and Risk Management enter the College Algebra Mathematics Pathway and must enroll in MATH 1390 during their first year of study, unless they have already been awarded credit for MATH 1390.

Abbreviation Key – UCA Core Program

[3.1.1] Major in Economics (24 hours)

[Back to program-of-study links]

Concentration in International Trade. The major consists of eight courses. A student must take:

ECON 3301 Intermediate Microeconomics
ECON 3302 Intermediate Macroeconomics [UD UCA Core: I, C]
ECON 4335 International Trade
ECON 4380 Senior Seminar (to be taken in final year) [UD UCA Core: Z]
FINA 4333 International Finance

and may choose three courses from the following:

any upper division economics course
FINA 3340 Money, Banking, and Financial Markets
MGMT 3342 International Business

[3.1.2] Major in Finance (24 hours)

[Back to program-of-study links]
The major consists of eight upper-division level classes. There are five required upper-division courses:

FINA 3340 Money, Banking, Financial Markets
FINA 3350 Personal Financial Planning [UD UCA Core: R]
FINA 4332 Investments
FINA 4333 International Finance
FINA 4336 Advanced Financial Management [UD UCA Core: C]

A student must take one of the following four classes:

CISA 4325 Predictive Analytics
ECON 3335 Econometrics
INSU 3335 Managing Risk: From Data to Decisions
FINA 4334 Financial Derivatives

The student must also take two of the following classes:

FINA 3323 Real Estate
FINA 3382 Internship in Finance
FINA 4331 Bank Management
FINA 4334 Financial Derivatives (if not used to meet the requirement in the previous section)
FINA 4376 Entrepreneurship Finance
FINA 4390 Independent Study
FINA 4395 Special Problems
ACCT 3311 Intermediate Accounting I
ACCT 3312 Intermediate Accounting II
INSU 3324 Risk and Insurance
MGMT 4341 Quantitative Methods in Management
CISA 4330 Prescriptive Analytics

[3.1.3] Major in Insurance and Risk Management (24 hours)

[Back to program-of-study links]

[3.1.3.1] Courses Required of all Insurance and Risk Management Majors (9 hours)
INSU 3315 Life and Health Insurance
INSU 3324 Risk and Insurance
INSU 4315 Employee Benefits
[3.1.3.3] General Insurance and Risk Management Track

In addition to the nine hours required for all Insurance and Risk Management Majors (see above), majors following the general track complete the following courses (15 hours):

INSU 3320 Property and Liability Insurance
INSU 4320 Corporate Risk Management [UD UCA Core: C]
INSU 4330 Insurance Operations and Regulations

and any two of the following:

FINA 3350 Personal Financial Planning [UD UCA Core: R]
FINA 4332 Investments
INSU 3330 Surplus Lines and Reinsurance
INSU 3335 Managing Risk: From Data to Decisions
INSU 3382 Internship in Insurance and Risk Management
INSU 4310 Internship in Insurance and Risk Management
INSU 4390 Independent Study in Insurance and Risk Management
INSU 4395 Special Topics in Insurance and Risk Management
CISA 4325 Predictive Analytics
[3.1.3.4] Personal and Financial Planning Track

In addition to the nine hours required of all Insurance and Risk Management majors (see above), majors following the Personal and Financial Planning track complete the following courses (15 hours):

ACCT 3316 Introduction to Taxation
ACCT 4305 Estate Planning
ACCT 4316 Advanced Income Tax
FINA 3350 Personal Financial Planning [UD UCA Core: R]
FINA 4332 Investments

Note: Students pursuing the Personal Financial Planning Track will need to choose an upper-division UCA Core Effective Communication Course in their elective courses.

[3.1.4] Minor in Economics (18 hours)

[Back to program-of-study links]

ECON 2320 Principles of Macroeconomics [ACTS: ECON2103]
ECON 2321 Principles of Microeconomics [ACTS: ECON2203]
ECON 3301 Intermediate Microeconomics
ECON 3302 Intermediate Macroeconomics [UD UCA Core: I, C]

And any two of the following:

ECON 1310 Modern Political Economy
ECON 3310 Public Sector Economics [UD UCA Core: R]
ECON 3322 Law and Economics
ECON 3330 Environmental Economics
ECON 3335 Econometrics
ECON 3382 Internship in Economics
ECON 4V95 Special Problems in Economics
ECON 4335 International Trade [UD UCA Core: D]
ECON 4375 Economics of Developing Nations
ECON 4380 Senior Seminar [UD UCA Core: Z]
ECON 4390 Independent Study

[3.1.5] Minor in Actuarial Studies (21 hours)

[Back to program-of-study links]

This is a 21-hour minor which will help prepare students for careers in the actuarial field. Students will complete courses designed to provide the foundation of business and insurance knowledge necessary for entry level economics and finance exams in this field. Students wishing to pursue a career in the actuarial field will also be required to have a strong background in statistical analysis beyond the scope of this minor.

Not open to students earning a BBA degree.

Required courses (18 hours):

ACCT 2310 Principles of Accounting I [ ACTS: ACCT2003 ]
ECON 2320 Principles of Macroeconomics [ACTS: ECON2103]
ECON 2321 Principles of Microeconomics [ACTS: ECON2203]
FINA 3330 Managing Finance and Capital [UD UCA Core: I]
FINA 4336 Advanced Financial Management [UD UCA Core: C]
INSU 3324 Risk and Insurance

Elective courses (3 hours):

ECON 3335 Econometrics
INSU 3335 Managing Risk: From Data to Decisions
FINA 4334 Financial Derivatives
or
any 3000- or 4000-level economics, finance, or insurance course approved by the advisor

[3.1.6] Minor in Insurance and Risk Management (18 credit hours)

[Back to program-of-study links]

Required courses (12 credit hours)

INSU 3324 Risk and Insurance
INSU 3315 Life and Health Insurance
INSU 3320 Property and Liability Insurance
FINA 3350 Personal Financial Planning [UD UCA Core: R]

Electives (6 credit hours: choose two)

INSU 1300 Introduction to Insurance
INSU 3335 Managing Risk: From Data to Decisions
INSU 4315 Employee Benefits
INSU 4320 Corporate Risk Management [UD UCA Core: C]
INSU 4330 Insurance Operations and Regulations
INSU 4395 Special Topics in Insurance
3000- or 4000-level insurance or finance course approved by the advisor

[3.1.7] Minor in Financial Services

[Back to program-of-study links]

A minor in Financial Services requires 18 unique hours, that is, these 18 hours may not be used for any other major or minor. Students earning a BA or BS in Economics cannot earn this minor.

Required courses 12 credit hours)

ECON 2320 Principles of Macroeconomics [ACTS: ECON2103]
ECON 2321 Principles of Microeconomics [ACTS: ECON2203]
FINA 2330 Personal Finance or FINA 3350 Personal Financial Planning [UD UCA Core: R]
FINA 3340 Money, Banking, and Financial Markets

Electives (6 credit hours: choose two)

FINA 3323 Real Estate
FINA 4331 Bank Management
FINA 4332 Investments
FINA 4333 International Finance
INSU 3324 Risk & Insurance

[3.2] Bachelor of Science

[Back to program-of-study links]

The degree of Bachelor of Science, with a major in economics, requires successful completion of 120 hours, including (1) the UCA Core: complete 38 hours to meet lower-division UCA Core requirements and complete upper-division UCA Core requirements using designated major, minor, or elective courses (see the UCA Core requirements); (3) major requirements as listed below; and (3) a minor approved by the student’s minor advisor.

Mathematics Pathway. First-time, first-year students majoring in Economics enter the College Algebra Mathematics Pathway and must enroll in MATH 1390 during their first year of study, unless they have already been awarded credit for MATH 1390.

Note: Designated required Economics courses for the UCA Core are:

ECON 3302 Intermediate Macroeconomics [UD UCA Core: I, C]
ECON 4380 Senior Seminar in Economics [UD UCA Core: Z]

Students may choose from the following major electives or minor courses or general electives to meet the UCA Core Diversity and Responsible Living upper-division requirements.

ECON 4335 International Trade [UD UCA Core: D]
ECON 3310 Public Sector Economics [UD UCA Core: R]
ECON 3330 Environmental Economics [UD UCA Core: R]

[3.2.1] Major in Economics (30 hours)

[3.2.1.1] Courses required of all major tracks
ECON 2320 Principles of Macroeconomics [ACTS: ECON2103]
ECON 2321 Principles of Microeconomics [ACTS: ECON2203]
ECON 3301 Intermediate Microeconomics
ECON 3302 Intermediate Macroeconomics [UD UCA Core: I, C]
ECON 3335 Econometrics
ECON 4380 Senior Seminar in Economics [UD UCA Core: Z]

The remaining courses to complete the major depends on whether a student chooses the general track or the pre-law track.

[3.2.1.2] General Track

A student must take an additional 12 hours from the remaining upper division level economic classes. They may also choose from the finance classes listed below:

FINA 3340 Money, Banking, and Financial Markets
FINA 4332 Investments
FINA 4333 International Finance

Economics majors may pick a minor within the College of Business. No more than 30 hours of classes may be taken in the College of Business. College of Business courses are considered to be courses with the following prefixes: ACCT, BUAD, CISA, FINA, INSU, MGMT, and MKTG. Economics courses are not considered to be College of Business courses for this requirement.

[3.2.1.2] Pre-Law Track

In addition to the 18 hours required of all economics majors, a student must take the following courses (12 hours):

ECON 3310 Public Sector Economics [UD UCA Core: R]
ECON 3322 Law and Economics
PHIL 3310 Symbolic Logic
WRID 2325 Introduction to Rhetoric or WRID 3307 Introduction to Editing or WRID 3310 Technical Writing

[3.3] Bachelor of Arts

[Back to program-of-study links]

The degree of Bachelor of Arts in economics, with a concentration in International Trade, requires successful completion of 120 hours, including (1) the UCA Core: complete 38 hours to meet lower-division UCA Core requirements and complete upper-division UCA Core requirements using designated major, minor, or elective courses (see the UCA Core requirements); (2) the major and related course requirements as listed below; and (3) a minor approved by the student’s minor advisor.

Mathematics Pathway. First-time, first-year students majoring in Economics enter the College Algebra Mathematics Pathway and must enroll in MATH 1390 during their first year of study, unless they have already been awarded credit for MATH 1390.

Related Course Requirements. Students must complete a three-credit-hour foreign language course at the 2000-level or above as well as all course prerequisites. Students with prior experience in a language are strongly encouraged to take the departmental placement test before enrolling in their first course. See Placement and Credit by Examination in the School of Language and Literature section of this bulletin. Note: CSD 2303 Basic Sign Language, CSD 4303 Intermediate Sign Language, and transferred Guided/Extended Study (i.e., correspondence) courses will not be accepted in fulfillment of the foreign language requirement.

Note: Designated required Economics courses for the UCA Core are:

ECON 3302 Intermediate Macroeconomics [UD UCA Core: I, C]
ECON 4335 International Trade [UD UCA Core: D]
ECON 4380 Senior Seminar in Economics [UD UCA Core: Z]

Students may choose from the following major electives or minor courses or general electives to meet the UCA Core Responsible Living upper-division requirement:

ECON 3310 Public Sector Economics [UD UCA Core: R]
ECON 3330 Environmental Economics [UD UCA Core: R]

[3.3.1] Major in Economics (39 hours)

Concentration in International Trade: A student must take either ECON 1310 or ECON 2310 from the UCA Core, as well as seven required economics classes and five global electives. The student must take:

ECON 2320 Principles of Macroeconomics [ACTS: ECON2103]
ECON 2321 Principles of Microeconomics [ACTS: ECON2203]
ECON 3301 Intermediate Microeconomics
ECON 3302 Intermediate Macroeconomics [UD UCA Core: I, C]
ECON 4335 International Trade [UD UCA Core: D]
ECON 4375 Economics of Developing Nations
ECON 4380 Senior Seminar in Economics

Global Electives
The student must also take three upper division economics major elective courses.
The student must also take two classes from the following list of classes:

Any upper division level economics class
FINA 3340 Money and Banking
FINA 4333 International Finance
GEOG 3300 World Regional Geography
GEOG 3305 Economic Geography
GEOG 3315 Geography of Latin America
GEOG 3320 Field Study
GEOG 3335 Geography of Europe & Russia
GEOG 3345 Geography of China and East Asia
GEOG 3346 Geography of South Asia
GEOG 3381 Political Geography
GEOG 3385 Global Food Resources
PSCI 3305 United Nations and International Politics
PSCI 3315 International Law and Organizations
PSCI 3340 Governments and Politics of Europe and Russia
PSCI 3382 Politics of Developing Nations
PSCI 4305 Political Economy of Development
PSCI 4310 International Political Economy and Globalization
PSCI 4320 Revolution and Political Violence
PSCI 4325 Mexican Politics and US-Mexican Relations
PSCI 4328 Dynamics of Democratization
PSCI 4345 Governments and Politics of Africa
PSCI 4348 Government and Politics of the Middle East
PSCI 4388 American Foreign Policy
PSCI 4395 International Conflict and Conflict Management
HIST 3312 Comparative History of Developing Countries
HIST 3321 History of Christianity II
HIST 3383 Modern China
HIST 3384 Modern Japan
HIST 4305 United States and the Middle East, 1776-Present
HIST 4328 Modern Latin America
HIST 4347 Ideas and Society in Modern Europe
HIST 4377 Europe in a Global Era
HIST 4394 Germany since 1918
HIST 4397 History of Ireland 1550-Present
SOC 3398 Travel Seminar
SOC 4341 Population

A student may also take other classes approved by his or her advisor to meet the global elective requirement.

BA Economics majors may pick a minor in the College of Business. No more than 30 hours of classes may be taken in the College of Business. College of Business courses for this requirement are considered to be courses with the following prefixes: ACCT, CISA, FINA, INSU, MGMT, and MKTG. Economics courses are not considered to be College of Business courses for this requirement.

[4] Certificate of Proficiency in Financial Literacy (9 hours)

[Back to program-of-study links]

The Certificate of Proficiency in Financial Literacy prepares students for entry-level positions in financial planning. This certificate may be awarded without an undergraduate degree, concurrently with an undergraduate major in another field, or as a post-baccalaureate study.

The Certificate of Proficiency in Financial Literacy requires the successful completion of 9 hours, including 3 hours of required courses and 6 hours of electives chosen from the list below.

Required Courses (3 hours)

FINA 2330 Personal Finance or FINA 3350 Personal Financial Planning

Electives (6 hours)

Choose two of the following.

FINA 3323 Real Estate
FINA 4332 Investments
INSU 1300 Introduction to Insurance or INSU 3324 Risk and Insurance
FINA 3340 Money, Banking, and Financial Markets

A minimum 2.0 grade point average on certificate coursework is required for the certificate to be awarded.

To obtain a Certificate of Proficiency in Financial Literacy from UCA, students must complete 9 hours of the curriculum in residence. Students who have attended another university and earned credit for courses that may apply to this certificate should familiarize themselves with UCA’s policies on transfer of credit and residence requirements. A UCA student may not be a declared major or minor in finance or insurance and risk management and simultaneously pursue the Certificate of Proficiency in Financial Literacy. A student with a previously-awarded Certificate of Proficiency in Financial Literacy may pursue a BBA-Finance or a BBA-Insurance and Risk Management by completing the remaining degree requirements (subject to transfer and residence requirements).

[5] Course Links (ECON, FINA, INSU)

Follow this link for ECON course descriptions: course link.

Follow this link for FINA course descriptions: course link.

Follow this link for INSU course descriptions: course link.